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BOI update: As a little holiday treat for you all, the BOI filing is back! The Fifth Circuit decided to stay the previous injunction, so this is now due 1/13/25 for most folks. It’s possible that the new administration will drop the appeal (we don’t know what they’ll do), or that FinCEN will decline to enforce the deadline, but for now, businesses need to comply with the Corporate Transparency Act, and the deadline is 1/13/25 for almost all companies. We’re feeling the whiplash here as much as you are, and I doubt this will be our last update on the topic—but for the time being, this is again a requirement. Some options for you (and links) in the comments.

Some guidance out from FinCEN on BOI reports. The Texas US District Court order effectively putting a nationwide injunction against enforcement of the Corporate Transparency Act (CTA) is in effect, but we don't know if it will be upheld. If that ruling is overturned, reporting companies may still be required to file the BOI reports. FinCEN is now saying in this notice that there is currently no obligation to file, which is correct. My concern is if the ruling is overturned in a few months and reporting companies have missed the 1/1/2025 deadline to file, are they subject to penalties for failure to file timely? You can still optionally file just in case, so be prepared to file and if you are ready, just file anyway to be safe.

🚨 Breaking News: BOI Reporting Deadline Suspended! A federal district court in Texas has issued a nationwide injunction on the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). ✅ What You Need to Know: -The January 1, 2025, BOI reporting deadline is on hold. -Businesses do not need to file BOI reports with FinCEN at this time. -The ruling stems from concerns over federal overreach on states’ regulatory rights. This decision will likely be appealed, so stay tuned for updates! 📄 Credit: Thanks to Spidell for providing this critical update. We’re monitoring the situation closely and will continue sharing updates to keep you informed on critical compliance news.

Breaking News: BOI Reporting Deadline Suspended! A federal district court in Texas has issued a nationwide injunction on the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). ✅ What You Need to Know: -The January 1, 2025, BOI reporting deadline is on hold. -Businesses do not need to file BOI reports with FinCEN at this time. -The ruling stems from concerns over federal overreach on states’ regulatory rights. This decision will likely be appealed, so stay tuned for updates! 📄 Credit: Thanks to Spidell for providing this critical update. We’re monitoring the situation closely and will continue sharing updates to keep you informed on critical compliance news.

Breaking News: BOI Reporting Deadline Suspended! A federal district court in Texas has issued a nationwide injunction on the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). ✅ What You Need to Know: -The January 1, 2025, BOI reporting deadline is on hold. -Businesses do not need to file BOI reports with FinCEN at this time. -The ruling stems from concerns over federal overreach on states’ regulatory rights. This decision will likely be appealed, so stay tuned for updates! 📄 Credit: Thanks to Spidell for providing this critical update. We’re monitoring the situation closely and will continue sharing updates to keep you informed on critical compliance news.

What does the BOI report entail? Companies must report details about their beneficial owners and applicants. Stay informed and compliant with FileForms’ resources. https://lnkd.in/eKNm5JNt #ReportingRequirements #BusinessKnowledge #CorporateGovernance #FileForms

📢 Important Update on Beneficial Ownership Information (BOI) Filing under the Corporate Transparency Act (CTA) As we approach key deadlines, we are advising our clients to still file BOI under the CTA with FINCEN. Here's why: 📌 What Happened? On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction in Texas Top Cop Shop, Inc., et al. v. Garland, et al. The court concluded that the CTA exceeds Congress’ constitutional authority and blocked the U.S. Treasury and FINCEN from enforcing the BOI reporting requirements. 📌 What Does This Mean? This decision temporarily halts enforcement of the BOI reporting requirements. However, the filing requirement still exists. Unless and until FINCEN officially removes the filing system, we recommend proceeding with the BOI filing. 📌 Why File Now? 🔹 Avoid potential compliance issues if the situation changes. 🔹 Filing demonstrates proactive compliance, showing commitment to regulatory requirements. 💡 Key Takeaway: The court’s decision impacts enforcement, not the underlying obligation. Until FINCEN provides clear guidance or removes the filing system, it’s prudent to stay ahead by filing as required. Feel free to reach out if you have any questions or need assistance with your BOI filing. Let's navigate this evolving landscape together! #CorporateTransparencyAct #FINCEN #Compliance #BOIFiling #BusinessUpdates

🚨 🚨 Wow, two BOI filing updates today - here we go: Update 1: A federal appeals court lifted the previously issued injunction that blocked enforcement of the BOI reporting requirements. As a result of this ruling, the requirement to file your BOI report is now back in place! Update 2: FinCen extended the BOI report filing deadlines, not by much though. See FinCen's website for the updated filing deadlines (https://fincen.gov/boi). In summary, most deadlines are only extended 2-3 weeks, at most. Bottom Line: BOI filings are back, are due very soon and DBO is here to help! You can email me directly (jonathan@getdbo.com) and I will connect you with a trusted DBO member to assist you with your BOI filings. #DBO #BeneficialOwnership #BOI #FinCEN #CorporateTransparencyAct #Compliance #BusinessSolutions

It’s Beginning to Look A Lot Like Savings...Did you know that The Corporate Transparency Act (CTA) mandated small businesses including LLCs to file a BOI with FinCEN by December 31, 2024? And if companies were out of compliance, hefty fines would be imposed daily. However, the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.) cites that the CTA’s BOI reporting is unconstitutional, therefore a nationwide injunction has been imposed. Companies are no longer required to file their BOI reports by year-end, but they may do so on a voluntary basis. Click link for more information, https://www.fincen.gov/boi. Putting You Back Together Again helps you to stay connected! www.puttingyoubta.com  

BOI Reporting Update – What You Need to Know ‼️ As of December 26, 2024, the Fifth Circuit Court of Appeals put the brakes on the BOI reporting deadline once again. So, for now, companies are not required to file their Beneficial Ownership Information (BOI) reports, though companies can still choose to file voluntarily.    What should you do? Unless a company chooses to file BOI voluntarily, there is nothing to do right now other than to stay in touch with your legal team and keep an eye on any new updates from FinCEN or the courts. If the injunction gets lifted, as it has already once in the past, we expect the government to provide a few additional days for filing compliance as it has previously. Please like and share this information from Blue Sky Law to help fellow business owners! #BlueSkyLaw Mitesh Patel Barton Black Ephraim Michael Angelina Kim Whitaker Kerri Moerschel